In a letter to federal Judge Lewis Kaplan, the parties stated that while the full financial terms of the agreement would not be revealed, "Prince Andrew intends to make a substantial donation to Ms. Giuffre's charity in support of victims' rights."

According to the court document filed by Giuffre's attorneys, the parties plan to file a stipulation of dismissal of the case within 30 days.

So, with news of the case's pending conclusion, let's unpack a few things.

Andrew has claimed to have no recollection of ever meeting Giuffre or of posing for the infamous photo showing the royal with his arm around the teenager.

His lawyers have spent months trying to undermine Giuffre, arguing her claims were motivated by money. They wrote in a blistering court filing in October that: "Giuffre has initiated this baseless lawsuit against Prince Andrew to achieve another payday at his expense."

And while Andrew neither confirmed nor denied Giuffre's claims in Tuesday's court filing, he has now agreed to a likely multi-million dollar settlement with a woman who leveled grave accusations of sexual abuse against the senior royal.

UK newspapers twisted the knife on Wednesday with numerous headlines suggesting the deal amounted to anywhere between £10 and 12 million ($13-$16 million). The Daily Mail splashed with "Duke's final '£10 million humiliation," The Sun newspaper ran with "His final disgrace," while The Daily Telegraph reported "Queen to help pay for £12m settlement."

Questions over how Andrew will foot the bill remain. There have been suggestions that the Queen may contribute -- but that could be damaging for the monarch, were it ever to be confirmed.

To date, the Queen has largely avoided becoming the target of public anger over the saga that has engulfed her son. She remains revered, and 'the firm' has gone to great lengths to distance itself from the civil suit.

A closer look at the phrasing of the document is also revealing. It states that "Prince Andrew has never intended to malign Ms. Giuffre's character, and he accepts that she has suffered both as an established victim of abuse and as a result of unfair public attacks."

His team is now recognizing her trauma and praising her bravery at coming forward.

"Prince Andrew regrets his association with Epstein, and commends the bravery of Ms. Giuffre and other survivors in standing up for themselves and others," the document continues.

Then there's the question of why this has happened now. The settlement comes at a crucial juncture in the case, as it moved into the discovery stage, during which both sides could demand disclosure of documents and the parties involved would have had to sit for depositions.

CNN legal analyst Joey Jackson says it was "a significant development and off ramp" for the duke as with litigation "you always will have revelations that occur."

"In depositions, for example, where you raise your hand and you swear to tell the truth ... in the event that he perjures himself, he opens himself up to some other issues and then obviously it stays in the news," he continues.

"Not to mention a legal perspective, where after depositions, after discovery, and you go to court and you could lose, and that's when all types of details may come out that you may not want."

"I think this was the best option to explore and ultimately to take," he adds.

However, the end of the lawsuit doesn't mean we'll see the ninth-in-line to the British throne returning to public duties anytime soon. For the former naval officer, that ship has well and truly sailed.

His handling of the crisis since Giuffre's allegations first emerged years ago has left his reputation in tatters.

A settlement leaves many of the issues raised in that interview unresolved.

And it's important to note that the recently convicted Maxwell is now facing life in prison for sex trafficking.

These days the prince spends much of his time on the Windsor estate and is often surrounded by photographers when he attempts to leave his home.

A Buckingham Palace spokesperson told CNN the palace would not be commenting on the latest developments in the case on Tuesday, once again saying it was a matter for the Duke and his legal team.

But the settlement will likely be welcomed within the palace since it means the court case will no longer cast a shadow over the Queen's Platinum Jubilee celebrations this summer.

Andrew's relinquishment of his public-facing royal role doesn't change his counsellor status -- it would take an act of parliament to revoke that.

How the prince will move on from this remains to be seen.

The carefully-crafted settlement letter states that: "He pledges to demonstrate his regret for his association with Epstein by supporting the fight against the evils of sex trafficking, and by supporting its victims."

While the prospect of an embarrassing public trial is off the table, by settling he has failed to clear his name, and the damage to his reputation has been done.